Sales of Legal Cannabis Products to Accelerate This Year

3/16/2018

FinancialBuzz.com

According to a report by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024, while reaching a value of $63.5 billion by 2024. The market is going through a period of robust growth because of increasing legalization and decriminalization of cannabis products across North America. The report specifies that the legalization trend is moving beyond the U.S. region.

While Californiais the largest market, Canadais projected to show strong sales as well. According to CBC, Canadais one of only two countries, together with the Netherlands- that currently exports cannabis, allowing firms in Canadato take instant benefit of recent medical cannabis legalizations in more than 20 countries.

CBC reported that the, "offerings in today's Canadamedical marijuana market differ little from those used recreationally - the smokable plant and, more recently, oil extracts. More than 70 companies have licenses from the federal drug regulator, Health Canada, to cultivate, produce and sell medical marijuana, with more than half those licenses granted in 2017 or 2018."